Economic Development Incentives
City of Port St Lucie
Economic Development Ad Valorem Tax Exemption
Companies that are eligible under Florida’s Qualified Targeted Industries can receive up to 100% of the assessed value of all improvements to real property and tangible personal property for up to ten years for a newly constructed building. Qualified companies that are expanding in an existing building, can receive up to 100% of the assessed value of all added improvements to real property and all personal property acquired for the company’s expansion for up to 10 years.
Expedited Site Plan Review and Fast Track Permitting
Qualified companies are eligible for expedited site plan review and fast track permitting. Our Land Development Team will coordinate with your company to streamline the development review and permitting process to ensure your development is completed on schedule.
Florida Power & Light
Florida Power & Light incentives are available to new and expanding businesses creating 25 new jobs per 350 kW of new electric demand. Eligible companies receive declining discounts on their standard base energy and demand charges over four years. The discount increases to five years if the company moves into a vacant, existing building.
St Lucie County
Job Growth Investment Grant
St Lucie County offers the Job Growth Investment Grant for new and existing businesses that are eligible under Florida’s Qualified Targeted Industries. The Board of County Commissioners may grant awards in the range of $1,500 to $3,000 per new job with a minimum of 10 new jobs created. A salary requirement of 107% of the County’s current hourly wage is also required to be eligible for this program.
State of Florida
Qualified Targeted Industry Tax Refund
The Qualified Targeted Industry Tax Refund incentive is available for companies that create high wage jobs in targeted high value-added industries. This incentive includes refunds on corporate income, sales, ad valorem, intangible personal property, insurance premium, and certain other taxes. Pre-approved applicants who create jobs in Florida receive tax refunds of $3,000 per net new Florida full-time equivalent job created.
Capital Investment Tax Credit
The Capital Investment Tax Credit is an annual credit, provided for up to twenty years, against the corporate income tax. Eligible projects are those in designated high-impact portions of the following sectors: advanced manufacturing, clean energy, biomedical technology, financial services, information technology, silicon technology, transportation equipment manufacturing, or be a corporate headquarters facility. Projects must also create a minimum of 100 jobs and invest at least $25 million in eligible capital costs. Eligible capital costs include all expenses incurred in the acquisition, construction, installation, and equipping of a project from the beginning of construction to the commencement of operations. The level of investment and the project’s Florida corporate income tax liability for the 20 years following commencement of operations determines the amount of the annual credit.
High Impact Performance Incentive Grant
The High Impact Performance Incentive is a negotiated grant used to attract and grow major high impact facilities in Florida. Grants are provided to pre-approved applicants in certain high-impact sectors designated by the Florida Department of Economic Opportunity (DEO). In order to participate in the program, the project must: operate within designated high-impact portions of the following sector – advanced manufacturing, clean energy, corporate headquarters, financial services, life sciences, semiconductors, and transportation equipment manufacturing; create at least 50 new full-time equivalent jobs in Florida in a three-year period. Once recommended by Enterprise Florida and approved by DEO, the high impact business is awarded 50 percent of the eligible grant upon commencement of operations and the balance of the awarded grant once full employment and capital investment goals are met.
Quick Response Training
Quick Response Training is an employer-driven training program designed to assist new value-added businesses and provide existing Florida businesses the necessary training for expansion. A state educational facility – community college, area technical center, school district or university – is available to assist with application and program development or delivery. The educational facility will also serve as fiscal agent for the project. The company may use in-house training, outside vendor training programs or the local educational entity to provide training. Reimbursable training expenses include: instructors’ and trainers’ wages, curriculum development, and textbooks/manuals. This program is customized, flexible, and responsive to individual company needs.
Incumbent Worker Training
Incumbent Worker Training is a program that provides training to currently employed workers to keep Florida’s workforce competitive in a global economy and to retain existing businesses. The program is available to all Florida businesses that have been in operation for at least one year prior to application and require skills upgrade training for existing employees.
On-the-job training offers participants an opportunity to earn as they learn, while employer benefits by receiving a partial wage reimbursement during the new employee training period. Companies receive a 50% reimbursement of a new employee’s wages while training on the job. CareerSource Research Coast provides no-cost access to a screened pool of available talent and assessment testing. Companies set the qualifications of the candidates, interview and select the individuals for employment.